SP 500 futures breakout in progress [Video]

Ming Jong Tey Independent Analyst

SP 500 futures had a reaction during the Asia session and tested the support level 3035. It has since recovered and broken out 3070.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 2 Jun 2020 trading session. In this video, I am going to show you the market recap on the last session, plus potential trade reviews in M3 (entry, exit and the rationale behind), the bias going forward, the key levels to pay attention to, and the potential setup for the US session later.

I encourage you to watch my daily market analysis video yesterday if you haven’t in order to better relate with the market recap and trade review.

Bias — Neutral (Day trading); Up (Swing trading)

Key levels — Resistance: 3058, 3066, 3080, 3135; Support: 3035, 3010, 2992, 2980 (resistance-turned-support)

Potential setup — Look for a pullback to the non-RTH low near 3010 where it coincides with the demand zone from the previous session (last Friday) to long. Or look for a rejection from the non-RTH high near 3060–3066 to short.

Author

Ming Jong Tey

Independent Analyst

Ming Jong Tey has been trading since 2008. He started his learning journey from technical analysis (indicators, Fibonacci, etc...) to value investing. Throughout his journey, he develops an interest in price action with chart pattern trading.

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